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According to the Internal Revenue Service, the executors of Prince’s estate allegedly reduced the value of the deceased musician’s assets by half, claiming that his effects should have been valued at about $ 80 million higher than before. According to Minnesota Star Tribune, the IRS alleges that the administrators of Prince’s estate, Comerica Bank & Trust, allege that his property was valued at $ 82.3 million; the office claims that it is actually worth $ 163.2 million, and claims $ 32.4 million more in taxes, as well as a $ 6.4 million ‘accuracy-related fine’.
The Revenue Service allegedly filed their claims in documents filed with the U.S. Internal Revenue Service. Say the Star Tribune“The big gap is mainly involved in the interest of Prins’ music publishing and recordings.” Comerica claims that its valuation is accurate, as the IRS sued for it this summer, saying it is in fact the Revenue Service’s calculations that are ‘riddled with errors’. Comercia has requested that a trial be held in the St. Louis Tax Court. Paul is kept.
Meanwhile, Prince’s sister Sharon Nelson allegedly reached out to the IRS herself and claimed in a documentary that Comerica allegedly left her family in the dark, and had not yet ‘fully informed’ them. [the heirs] on business matters, including the tax proceedings. According to the Star Tribune, Comerica has previously denied similar claims. At the time of Prince’s death on April 21, 2016, the deceased musician did not have a will.